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Lamprell offers $336m for MIS acquisition

23 May 2011

UAE-based rigyard Lamprell is offerimg smaller rival MIS a total consideration of NOK 1,869 million (US$336m) in acquisition which values each MIS at NOK 38 per share. The acquisition is proposed be funded through a mixture of equity (by way of the Rights Issue), debt (principally through a new US$150 million term loan facility) and from existing cash resources.

Lamprell announced a fully underwritten 3 for 10 rights issue, at a price of 232 pence per share, to raise gross proceeds of US$225m and approximately US$213.2m net of expenses.
Oslo-listed MIS, a diversified engineering and contracting group, saw its shares rise as much as 26 per cent to NOK 37.7 in Oslo, the biggest jump most in 14 months, Lamprell gained as much as 15 per cent to 405 pence in London, the largest rise since September. “This transaction will rapidly create value for our shareholders,” Lamprell chief Nigel McCue said. “We can demonstrate the merits of bringing together these two businesses both through new business opportunities and operational and financial synergies.” Lamprell said completion is conditional upon approval by Lamprell’s shareholders.